ONEOK Inc. (OKE) Q1 Results - April 27

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dan_s
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Joined: Fri Apr 23, 2010 8:22 am

ONEOK Inc. (OKE) Q1 Results - April 27

Post by dan_s »

TULSA, Okla., April 1, 2021 /PRNewswire/ -- ONEOK, Inc. (NYSE: OKE) will release first quarter 2021 earnings after the market closes on April 27, 2021.

ONEOK's executive management will participate in a conference call the following day at 11 a.m. Eastern Daylight Time (10 a.m. Central Daylight Time) on April 28, 2021. The call also will be carried live on ONEOK's website.

To participate in the telephone conference call, dial 800-367-2403, pass code 6389387, or log on to www.oneok.com.
Dan Steffens
Energy Prospectus Group
dan_s
Posts: 34471
Joined: Fri Apr 23, 2010 8:22 am

Re: ONEOK Inc. (OKE) Q1 Results - April 27

Post by dan_s »

ONEOK Q1 Results beat my forecast

ONEOK Announces Higher First Quarter 2021 Earnings; Increases 2021 Financial Guidance

TULSA, Okla., April 27, 2021 /PRNewswire/ -- ONEOK, Inc. (NYSE: OKE) today announced higher first quarter 2021 results and increased 2021 financial guidance.

Higher First Quarter 2021 Results, Compared With First Quarter 2020:

Net income of $386.2 million, resulting in 86 cents per diluted share. < Compares to my forecast of $313.5 Net Income.

24% increase in adjusted EBITDA to $866.4 million.

20% increase in Rocky Mountain region NGL raw feed throughput volumes.

5% increase in Rocky Mountain region natural gas volumes processed.

$1.04 per MMBtu average fee rate in the natural gas gathering and processing segment.

Increased 2021 Guidance:

Net income midpoint increase to $1.35 billion.

Diluted earnings per common share midpoint increase to $3.02.

Adjusted EBITDA midpoint increase to $3.2 billion.

"Despite the extraordinary winter weather conditions in the first quarter, we continued to meet the needs of our customers," said Terry K. Spencer, ONEOK president and chief executive officer. "Volumes on our system are on an increasing trend, and our outlook for the year continues to improve. Increasing producer activity, higher commodity prices and strengthening energy markets contributed to the increase to our 2021 financial guidance.

"The hard work and preparation of our employees and the capability of our integrated assets enabled us to perform well in the first quarter," added Spencer. "ONEOK employees worked around the clock to keep our assets operational in difficult conditions while serving the critical needs of our customers."

FIRST QUARTER 2021 FINANCIAL PERFORMANCE

ONEOK's first quarter 2021 net income and adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA) increased, compared with the first quarter 2020. Higher results benefited from increased natural gas sales in the natural gas pipelines segment, increased natural gas liquids (NGL) volumes in the Rocky Mountain region and lower realized commodity prices in the first quarter 2020 in the natural gas gathering and processing segment. Net income for the period also increased due to noncash impairment charges in the natural gas gathering and processing segment in the first quarter 2020.

Winter Storm Uri impacted all three operating segments, resulting in a net positive impact to financial results, as ONEOK's ability to meet increased demand for natural gas and NGLs during the first quarter 2021 more than offset unfavorable volume impacts. Results were impacted by decreased volumes and increased electricity costs across ONEOK's operations due to severe weather, and higher employee-related costs, property taxes and supplies expenses. Net income also was impacted by higher interest expense related to an increased debt balance and lower capitalized interest, and higher depreciation expense due to capital projects placed in service.
Dan Steffens
Energy Prospectus Group
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